Recently, cryptocurrency XRP has been battling to regain bullish price momentum, with the community speculating on potential catalysts for a price surge. One of the rumors making the rounds is that Ripple, the company behind XRP, might burn the 41.9 billion XRP tokens currently held in escrow.
This move, though unconfirmed, could potentially see the value of XRP skyrocket. Ripple has been criticized for holding such a large stockpile of XRP, with fears that they could flood the market and crash the price. However, if Ripple were to burn all of the escrowed XRP, it would substantially decrease the total supply of XRP, potentially positively impacting the market price.
Despite the excitement surrounding the rumor, others have dismissed it as baseless. Ripple has neither confirmed nor denied the rumor. Other factors such as major Ripple partnerships and the outcome of their ongoing case with the US Security and Exchange Commission could also influence XRP prices.
Currently, XRP is trading at $0.4863, looking to break above $0.5. Research indicates that October has historically been a month of more losses than gains for XRP.